📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Buy to Let Mortgage at 22 years of age

Options
josh1924
josh1924 Posts: 28 Forumite
in Mortgages & endowments
Hi all,

I currently live at home with parents and am looking into getting a buy to let mortgage for the time being. I have savings and a steady income but it would be my first mortgage.

I know some lenders specify you need to be over 25 or have had another mortgage before. Is this always the case?

Thanks :)
«1

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Most BTL lenders require a borrower to already own their residential property. As a form of security.
  • josh1924
    josh1924 Posts: 28 Forumite
    Thrugelmir wrote: »
    Most BTL lenders require a borrower to already own their residential property. As a form of security.

    Do you mean actually own with no mortgage? So fully paid off?

    Thanks!
  • kingstreet
    kingstreet Posts: 39,275 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Most BTL lenders want to lend to homeowners, with or without an existing mortgage.

    This is because a person wishing to buy a property with insufficient income could use the BTL route to buy a residence, so this risk is avoided by ensuring the applicant already owns one.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • josh1924
    josh1924 Posts: 28 Forumite
    Thanks for the response.

    Is this the case with all lenders though? Or are there any alternatives that people are aware of?
  • kingstreet
    kingstreet Posts: 39,275 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    An independent broker would be your best port of call, as BTL products are still broker-centred with many lenders not dealing direct with the borrower.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    How much is the property you want? How much deposit do you have?

    How much do you earn?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • josh1924
    josh1924 Posts: 28 Forumite
    kingstreet wrote: »
    An independent broker would be your best port of call, as BTL products are still broker-centred with many lenders not dealing direct with the borrower.

    Ok great thanks! Do you know of any website or similar where I can easily find these brokers?

    Thanks again :)
  • josh1924
    josh1924 Posts: 28 Forumite
    GMS wrote: »
    How much is the property you want? How much deposit do you have?

    How much do you earn?

    Not sure yet on the property, I'm finding out if it's possible first. In terms of deposit it would be about £40,000. Earnings are about £28,000.

    Thanks!
  • kingstreet
    kingstreet Posts: 39,275 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    josh1924 wrote: »
    Ok great thanks! Do you know of any website or similar where I can easily find these brokers?

    Thanks again :)
    Ask friends and relatives for a recommendation.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Percentage deposit will be key so you need to know where your expectations are.

    If 40k is 50% ten it will be easier than if it is 15% for example.

    You also need to make sure the rent covers a lender calculation.

    Broker definitely the place to be for this.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.2K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.3K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture